Thanks for any input provided. Again I am by no means asking legal advise so I understand that is a necessity that I really don't control. All I can do is make recommendations. Some times they listen to me and some times they don't.
Maybe it's the area I live in but even the cheap full blown nursing care facilities are around $8,000 per month. Spending an extra couple thousand a month is not unreasonable if she's well taken care of.
I also agree the reverse mortgage seems a little "scammy" and an easy place to take advantage of older folks.
Based on my OP about reverse mortgages I didn't really feel the need to get into the details of what the farm is but here we go. There are 115 acres of wooded ridge ground. There are 115 acres of fields/house&yard/barn. The roughly 100 acres of tillable ground gets rented to the neighbor. I honestly don't know the history of why my family discontinued farming it once my great grandfather passed. There are 2 uncles and they had their own jobs not on the farm so I assume that's why.
3 of the five children border the property and want to retain it to rent the farm house and land. They don't want it getting developed.
Ultimately, yes they need to consult with an attorney to see what their options are. I was just curious on reverse mortgages and experiences from like minded people.
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Today's Featured Article - Grain Threshing in the Early 40's - by Jerry D. Coleman. How many of you can sit there and say that you have plowed with a mule? Well I would say not many, but maybe a few. This story is about the day my Grandfather Brown (true name) decided along with my parents to purchase a new Ford tractor. It wasn't really new except to us. The year was about 1967 and my father found a good used Ford 601 tractor to use on the farm instead of "Bob", our old mule. Now my grandfather had had this mule since the mid 40's and he was getting some age on him. S
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